Select long-term opportunities are still present in the region as we prepare to "expect the unexpected" in 2017.
We remain in the slowdown phase of an extended business cycle, but the unexpected events of 2016 have prompted us to take a slightly more balanced view of the end of this cycle.
After several years of a persistently low growth environment, a renewed focus on fiscal policy in 2017 could revive hopes of stronger economic expansion.
In what is likely to be a volatile 2017 for markets, there should be plenty of opportunities for global stockpickers as the cyclical upswing continues.
Volatility is likely in 2017 in a changing landscape for real estate, but a long-term focus on the strongest companies in the strongest global cities should prove beneficial.
In common with other equity markets, the outlook for Japan in 2017 has become slightly more complicated following the US presidential election.